Do you have fake Rs 10, Rs 50, Rs 100 notes in wallet? Beware! Don’t get in trouble, do this ASAP

Do you have fake Rs 10, Rs 50, Rs 100 notes in wallet? Beware! Don’t get in trouble, do this ASAP

Post demonetisation, there has been a massive enhancement in India’s currency chest. India has been virtually showered with new currency notes of all denominations. The Reserve Bank of India (RBI) has either introduced new notes or has given a complete makeover to the existing ones. Now, each coming day we get to know about many being accused or being investigated for carrying fake bank notes. You don’t want to be on that list. Post demonetisation drive, India has seen massive jump in counterfeit fake currency notes. According to RBI’s annual report FY18, it has been revealed that in the fiscal 522,783 pieces of counterfeit notes were detected in the banking system, of which 63.9% were detected by banks other than the central bank.

Data of RBI revealed that, detection of counterfeit notes was 31.4 per cent lower than the previous year. Counterfeit notes detected in SBNs decreased by 59.7 and 59.6 per cent in the denominations of Rs 500 and Rs 1000, respectively, as the same comprised only the residual part of SBN deposits processed during the year 2017-18.

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Further it was known that, compared to the previous year, there was an increase of 35 per cent in counterfeit notes detected in the denomination of Rs 100, while there was a noticeable increase of 154.3 per cent in counterfeit notes detected in the denomination of Rs 50.

Following which RBI said, “Out of the total Fake Indian Currency Notes (FICNs) detected, the share of FICNs detected at the Reserve Bank was higher at 36.1 per cent as compared to 4.3 per cent during the previous year. This was because of processing of large volume of SBNs withdrawn from circulation.”

There are many situations where you end up receiving a fake currency notes. It can be through either ATMs, misprint of bank notes or through shops or vendors.Apart from this, fake notes can also be an outcome of terror finance and money laundering, thereby leading to creation of black money in India.

Counterfeit notes are said to be an imitation of legal currency sanctions by central bank and government. Producing or even using such notes are seen as fraud and forgery.

Coming to new small denomination banknotes namely Rs 10, Rs 50 and Rs 100, there can be chances that you might end up carrying fake notes.

Not many of us know the ways of identifying a fake currency. RBI has already rolled out proper guidelines on features to look out for to tell real banknotes apart from fake ones, but a majority of people in India are still unaware in how to spot the difference.

In case you end up having fake currency notes in your pocket and have your doubts about them, here’s how you can reveal whether your Rs 10, Rs 50 and Rs 100 is real or fake.